"The real estate market and lending conditions continue todeteriorate causing land sales to slow significantly," he says."Liquidity in all aspects of the real estate industry is extremelylimited and within recent weeks the worldwide credit crisis hasbegun to negatively affect our potential multi-family land buyers.Like many others, we are working to restructure our debt and havebegun those discussions with our lenders."

Focus Property Group is a vertically integrated real estateinvestment company and developer of master planned communitiesbased in Las Vegas. The company's current projects total more than14,500 acres in Las Vegas and throughout the Southwest, and thecompany's portfolio includes approximately 30,000 residential lotsalong with commercial and mixed use property. Ritter was notimmediately available Monday afternoon to provide additional detailon the company's debt load or its assets.

"Those companies that face the market realities head on will bethe ones that survive and that is what Focus is doing," says DarrinBadger, Focus partner and acquisitions director. "We firmly believein the long term viability and strength of the Las Vegas market. Webelieve in our projects and are committed to them."